Age Pension Rates 2026: How Much Can You Get?

Updated April 2026 · General information only

TL;DR

The Age Pension is Australia's main government income support payment for people aged 67 and over. Eligibility depends on your age, residency, and how much you earn and own. As of 20 March 2026, the maximum single rate is $1,200.90 per fortnight, while couples may receive up to $1,810.40 combined — but the amount you actually receive depends on your income and assets.

What Is the Age Pension?

The Age Pension is a fortnightly payment from the Australian Government, administered by
, designed to provide income support for older Australians who meet certain eligibility criteria. It's one of the most widely accessed government benefits in the country, supporting millions of retirees either as a full or part pension.

Unlike superannuation, which you accumulate over your working life, the Age Pension is funded by the government and is not dependent on your employment history. However, the amount you receive is means-tested — meaning both your income and your assets are taken into account when calculating your payment rate.

It's worth noting that many Australians receive a part Age Pension alongside their super income. Even if you have significant savings, you may still be eligible for some level of payment, plus access to valuable concessions like the
, reduced PBS prescription costs, and
if you're renting.

Eligibility

To qualify for the Age Pension, you need to meet all of the following conditions:

Both the income test and assets test apply simultaneously. Services Australia calculates your payment under both tests and pays you the lower amount. This is an important detail — even if you pass one test comfortably, the other may reduce your payment.

How Much Can You Get?

Age Pension rates are adjusted (indexed) twice a year, on 20 March and 20 September, in line with changes to the Consumer Price Index (CPI) and the Pensioner and Beneficiary Living Cost Index (PBLCI).

Maximum Fortnightly Rates (effective 20 March 2026)

This works out to approximately:

• Single: ~$31,223 per year

• Couple (combined): ~$47,070 per year

Important Notes on Rates

• Rates are reviewed and adjusted every March and September.

• The energy supplement is only available to those who were receiving an eligible payment before 20 September 2016, or who started receiving a qualifying payment after that date and meet certain conditions.

• If you're a member of a couple but your partner does not receive a pension, you may still be assessed at the couple rate.

• Transitional rate rules may apply if you were receiving a pension before 20 September 2009.

Income Test

The income test determines whether your fortnightly income reduces your pension. Income includes employment earnings, deemed income from financial investments, superannuation income streams, rental income, and some other sources.

Income Test Thresholds (effective 20 March 2026)

How It Works

1. If your assessable income is at or below the free area, the income test does not reduce your pension.

2. For every dollar of income above the free area, your pension reduces by 50 cents.

3. If your income reaches the cut-off point, your pension reduces to zero under the income test.

Deeming Rules

Your financial investments (bank accounts, shares, managed funds, account-based super income streams) are assessed under deeming rules. Rather than looking at the actual return you earn, Services Australia assumes (or "deems") a standard rate of return:

Deeming rates are set by the Minister for Social Services and can change. It's worth keeping an eye on these, as they directly affect how much income is counted under the income test.

Assets Test

The assets test looks at the value of your assets (excluding your principal home). Assets include investment properties, shares, superannuation, vehicles, boats, caravans, personal contents, and business assets.

Assets Test Thresholds (effective 20 March 2026)

How It Works

1. If your assets are at or below the lower threshold, the assets test does not reduce your pension.

2. For every $1,000 of assets above the lower threshold, your pension reduces by $3.00 per fortnight ($78 per year).

3. If your assets reach the upper threshold, your pension reduces to zero under the assets test.

What Counts as an Asset?

Your home is exempt, but the value of any land beyond 2 hectares surrounding your home may be assessed.

How to Apply

Applying for the Age Pension involves several steps. It's a good idea to start early — Services Australia suggests lodging your claim up to 13 weeks before you reach Age Pension age.

1. Check your eligibility. Use the
or the
to get a preliminary indication.

2. Gather your documents. You'll need:

• Proof of identity (passport, birth certificate, driver's licence)

• Tax file number (TFN)

• Bank account details

• Details of all income sources and assets

• Superannuation statements

• Property valuations (if applicable)

3. Lodge your claim online. Sign in to your
linked to Centrelink and complete the online claim. If you don't have a myGov account, you'll need to create one first.

4. Attend an appointment (if required). Services Australia may contact you for an interview or request additional documentation.

5. Wait for assessment. Processing times vary, but you can track the progress of your claim through your myGov account. Payment is generally backdated to the date you submitted your claim (not the date of approval).

6. Set up your Centrelink online account. Once approved, use your Centrelink online account to report income, update your circumstances, and manage your payment.

Tips to Maximise Your Entitlements

1. Check Both Tests — Not Just One

Many people focus solely on the assets test or the income test, but both apply simultaneously and you receive the lower amount. Run the numbers under both tests to understand which one is limiting your payment. A small change in one area (e.g., restructuring an investment) could make a meaningful difference.

2. Understand the Pension Loans Scheme

If you own property but have limited income, the
(PLS) may allow you to supplement your income by using your home equity as security. The PLS is available to all Australians of Age Pension age, including self-funded retirees and part-pensioners. It provides a fortnightly income stream up to 150% of the maximum pension rate, with a low interest rate set by the government.

3. Review Your Deeming Rates Regularly

Deeming rates directly affect how much income is attributed to your financial investments under the income test. When official deeming rates are low, this works in your favour — less deemed income means a higher pension. Keep track of any changes to deeming rates, as they can shift your payment without any change to your actual financial position.

4. Don't Overlook the Work Bonus

If you're still doing some paid work, the Work Bonus allows you to earn up to $300 per fortnight from employment before it counts as income under the income test. Unused amounts accumulate in a Work Bonus income bank (up to $11,800), which can offset future employment income. This doesn't apply to investment income — only paid work.

Related Benefits You May Be Eligible For

Receiving the Age Pension (or meeting certain age and income criteria) can unlock access to several other government benefits:

•
— If you don't qualify for the Age Pension, you may still be eligible for this card, which provides cheaper prescription medicines under the PBS and other concessions.

•
— If you're renting, you may receive additional fortnightly payments on top of your Age Pension. The amount depends on how much rent you pay and your household situation.

• Pensioner Concession Card (PCC) — Automatically issued to Age Pension recipients, the PCC provides access to cheaper medicines under the
, bulk-billed doctor visits (where available), and state/territory concessions for utilities, transport, and council rates.

• Energy Supplement — Included in the Age Pension rates above, this is a separate component designed to help with energy costs.

• Telephone Allowance — A small quarterly payment to help with phone and internet costs, available to pension recipients with a home internet connection.

Frequently Asked Questions

Can I get the Age Pension if I own my home?

Yes. Your principal home (the home you live in) is generally exempt from the assets test, regardless of its value. However, homeowners have lower assets test thresholds than non-homeowners. If your other assets (savings, super, investments) are below the cut-off point, you may be eligible for a full or part pension.

How does superannuation affect the Age Pension?

Once you reach Age Pension age (67), your superannuation balance is counted as an asset under the assets test and the balance is subject to deeming under the income test. If you're under Age Pension age and your super is in accumulation phase, it's generally not counted. This means the interaction between super and the pension changes significantly when you turn 67.

Can I receive the Age Pension if I live overseas?

It depends. If you've lived in Australia for at least 35 years (or meet certain other criteria), you may be able to receive the full Age Pension while living overseas. For shorter residence periods, a proportional rate may apply. Some components, like the pension supplement, may be reduced or removed if you're outside Australia for extended periods. Australia also has international social security agreements with several countries that may affect your eligibility.

What happens if my partner is younger than 67?

If your partner is under Age Pension age, they cannot receive the Age Pension themselves. However, your payment will be assessed at the couple rate. Your partner may be eligible for other payments such as JobSeeker Payment or Carer Payment, depending on their circumstances.

How often do I need to report my income?

Most Age Pension recipients need to report their income to Services Australia every fortnight. You can do this through your myGov account, the Express Plus Centrelink app, or by phone. If your income is primarily from deemed financial investments and doesn't change frequently, you may be able to arrange a different reporting schedule.

Explore More Government Benefits

The Age Pension is just one of many payments and concessions available to Australians. You may also be eligible for health cards, rent assistance, energy rebates, and more.

This is general information only, not personal financial advice. Rates are current as of 20 March 2026, subject to change. Always verify your eligibility and payment rates with
(phone: 132 300). General information only, not personal financial advice.